In a meeting chaired by Premier Li Keqiang, the cabinet said financial institutions would increase medium- to long-term lending to manufacturers and tax cuts for the sector would be well implemented, according to China Central Television.

China will also expand a scheme to open up the services sector to private capital, creating more jobs for young people, especially college graduates, the cabinet said.

(Reporting by Stella Qiu and Beijing Monitoring Desk; editing by John Stonestreet)